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Value Less Than Sale Price
Question: Someone has made an offer on my house. The transaction depends on the ability to get financing. What happens if the appraised value is less than the sale price?
Answer: Lenders will provide financing on the basis of the sale price or the appraised value -- whichever is less. This means if the appraised value is less than the sale price, the seller may have to lower the price, the buyer may have to offer more cash, or both parties may need to make some concessions.
Written by Peter G. Miller.
© 1997 Peter G. Miller. All Rights Reserved. Rules, Disclaimers & Notices.
Copyright © 2012 Realty Times. All Rights Reserved.
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